Exercise 9-10 (Algo) Flexible Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost per Cost per Car Washed Month Cleaning supplies $ 0.50 Electricity $ 1,100 $ 0.10 Maintenance $ 0.20 Wages and salaries $ 4,400 $ 0.20 Depreciation $ 8,000 Rent $ 1,800 Administrative expenses $ 1,400 $ 0.02 For example, electricity costs should be $1,100 per month plus $0.10 per car washed. The company actually washed 8,200 cars in August and collected an average of $6.80 per car washed. Required: Prepare the company's flexible budget for August. Lavage Rapide Flexible Budget For the Month Ended August 31 Budgeted cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses 8,200 $ 55,760 Total expense 0 Net operating income $ 55,760